All Forum Posts by: David Heyburn

I'm reviewing a KCCAR - Kansas Purchase & Sales agreement and when reviewing for assignability, it has the clause: 

15. ENTIRE AGREEMENT AND MANNER OF MODIFICATIONS. This Contract and all attachments
constitute the complete agreement of the parties concerning the Property, supersede all previous
agreements, and may be modified or assigned only by a written agreement signed by all parties.

Is this a law in Kansas? Or does the contract simply need to be modified, or have a different contract that permits assignability?

Thanks

https://wikidownload.com/wp-co...

This may sound like an overly simple question, but if you are wholesaling or flipping houses, should the money of a transaction flow through an LLC or through your personal finances? Should you contract through your LLC or just as a person?

Thanks for the comments all.

As a new parent to a child with Down syndrome, it's a challenge to reconcile "limiting beliefs" such as definitive statements like: "he won't be able to do x,y, or z" with the practical reality of what limitations and challenges he may truly have. I want to believe in what could be possible, while also allowing his journey to be his journey - not comparing his progress and achievements to anyone else. My goal with getting him involved in real estate is to empower him, to the best of his abilities, and not have him be defined by what an employer says he can or can't do. I've felt that enough in my own life.  I recognize that our son may not be able to master the higher intellect elements of real estate investing, but with the right team around him (hopefully my older son and others), he could have a meaningful place in a family business that empowers him and gives him opportunities to have meaningful material contributions to his own life.

I've begun my real estate investing journey, in large part motivated by the birth of our son who in October 2021, who was born with Down syndrome. Not knowing, what his professional or employment prospects will be as he gets older, I want to build a business that generates a high volume of cash flow to not only provide my family financial freedom in the near term, but to build a business that can sustain and fund his life in the long run. With that being said, after reading Rich Dad Poor Dad and other books on REI, I'm keen to believe that he would be able to have a meaningful role in the business it's self, not just as a beneficiary. So, it made me start to wonder if others know of people with Down syndrome or other disabilities have found success in real estate.

Let me know your, tactful, thoughts. Thanks!

Thanks! Basically, I just need to build a relationship with my neighbor and let a friendly conversation proceed.  Should be simple enough.

 Thanks for the advice. It's a good question - and we don't speak much, she keeps to herself mostly, and she had a family tragedy right as we moved in, it's all to say, I don't have much connection with her, but that could/should change, in order to find out IF she has any interest or motivation to sell. 

Hi BP folks,

So, I'm new to real estate investing, but not new to real estate - have been in different RE service lines for much of my career, but new to the investing 'game'.

I live in a quaint 'gingerbread house' neighborhood in Kansas City, and my neighbor who is 80+ lives in a 3/2.5 house that she bought for $17,000 in 1969! I looked up the Deed of Trust.  Her home itself needs TONS of work _ I've never been inside (been neighbors for 3 years) but from the front door I can tell it likely hasn't been touched in 30+ years, from the outside I can tell it definitely needs a new roof, downspouts are falling down etc. it's in pretty rough shape... Furthermore, her lot is a 'natural yard' which means she basically doesn't touch it - I've been tempted to call the city a few times... but hey, whatever. So, there is also a whole site clearance that needs to happen - multiple trees taken out etc...  Homes in our neighborhood of this size sell for about $350k-$400k

BOTTOMLINE - I think the home is perfect for a wholesale or fix & flip deal, and as her neighbor - I have a very strong interest in what happens with that property. But, I don't have a lot of cash myself. I've been exploring establishing a HELOC on my home to fund some investing, but my wife is a bit skittish about that - unless we use the funds to renovate our OWN home, which needs a bit of love and more bedrooms/bathrooms/ new kitchen as well.

I would like to approach her about buying it, with the intent of wholesaling or perhaps flipping it myself if I can find a private money lender (although my wife may get pissed that we're fixing up our neighbor's hours, not our own!)... buuuuttt, if the profit's worth it, and it funds our own renovation - I'm sure she could be persuaded.

I've been trying to get educated on the wholesaling process - thank you @Jamil Damji! But I'm new to this arena and would love some tips about how to knock this out of the park!

Thanks in advance

Does anyone have an STR Analysis/Proforma spreadsheet that not only has the mortgage for the rental property as part of the expenses structure but also includes a 2nd mortgage (HELOC) which may be used as the cash for downpayment incorporated into the analysis? HELOC's typically use simple interest as opposed to an amortization schedule, and as I'm considering leveraging a HELOC on my primary residence to buy an investment property for STR, I want to factor that into my cost structures.

TIA.